Prior to the extension of the federal Investment Tax Credit, developers built up a massive pipeline of projects with 2016 completion dates. Halfway through the year, we're now seeing a realization of that pipeline.

"We're at a precipice where the pipeline of projects in development is larger than it has ever been," said Colin Smith, an analyst with GTM Research. "Soon, we're going to reach a point where the number of projects operating is going to be higher than the number of projects in development. We've never seen that before."

With uncharted waters often comes surprises, however. GTM Research analysts expect several gigawatts' worth of projects to spill over into 2017 due to construction bottlenecks and interconnection delays.

***

Get access to the industry's most comprehensive utility-scale solar database. For more details on the Utility PV Market Tracker, download the brochure here or email subscribe@gtmresearch.com and ask for a demo.